Polymer matrix composites to dominate automotive by 2022

Polymer matrix composites are set to grow significantly by 2022 in automotive composites, according to the latest research conducted by Persistence Market Research and published by Reportbuyer, an industry intelligence solution – ‘Global Market Study on Automotive Composites: Polymer Matrix Composites to be the Largest Segment by 2022’.

In the report, the automotive composites market is segmented on the basis of composite materials, manufacturing processes, composite components, by value (US$ million) and region (North America, Europe, Asia-Pacific and Rest of the World) for the period 2012–2022. In addition, the report covers current automotive composites market dynamics, including market drivers, restraints, opportunities, and recent developments.

Use of lightweight materials

According to the report, increasing pollution due to the rising number of vehicles over the last few decades is influencing governments worldwide to revamp their environmental regulations, wherein, the emphasis is on the reduction of carbon emission from vehicles.

Automakers are focused on using lightweight materials to build the external and internal parts of vehicles in order to reduce the weight of the vehicle, and, in turn, improve fuel efficiency. This is a major factor driving the growth of the automotive composites market.

Consumers are more inclined towards purchasing lightweight and fuel-efficient vehicles due to increasing fuel prices over the last decade, the report says, and this is influencing automakers towards investing in the R&D of lightweight materials to manufacture the exterior as well as interior parts of the vehicle. This reduces the overall weight of the vehicle, in turn, improving its fuel efficiency, the report explains.

Growing market

Composites with properties such as high tensile strength, lightweight, good corrosion resistance and surface tension, are easy to process and are ideal materials to manufacture lightweight vehicles with good fuel efficiency. In addition, per capita vehicle ownership has increased, especially in developing Asia-Pacific countries such as India and China.

This is further driving the use of carbon fibre composites in the automotive industry for the manufacture of lightweight and fuel-efficient vehicles, which in turn, is driving the automotive composites market to some extent. In 2013, there were 800 vehicles per 1,000 people in the US compared to 600 vehicles per 1,000 people in Japan, 80 cars per 1,000 people in China, and 25 vehicles per 1,000 people in India, the report states.

Asia-Pacific is the largest market for automotive composites, according to the report, and increasing domestic production of vehicles paired with increasing disposable income is driving the automotive composites market in the region. One of the major factors contributing to the growth of the automotive composites market in North America and Europe are stringent CO2 emission rules in these regions.